1 29 Estate You die with money in your name alone Joint Tenancy right of survivorship Surrogate s Court an estate adoption guardianship for minors inherit money Distributee distributed to them your closest relatives If there is no will the closest relatives take The only people who can object to your will SCPA 1403 distributees Why Because if there is no will who takes Distributees Distributees are adopted children and half bloods Step children are not distributees Estates power and trust law EPTL 4 1 1 defines who are your distributees Surrogate s court Procedure Act SCPA 1 Spouse and children an issue of predecease children a Drop a brick until you hit your head b If there is no will the spouse takes the first 50 000 and half the remainder b w self and everyone below 2 Parents 3 Brothers and Sisters an issue of predeceased siblings 4 Grandparents can party with aunts and uncles and first cousins a The last person who can inherit is first cousin once removed b If grandparent alive on one side shut that side down c First cousins once removed only distribute if no one higher on other side Testator one who draws the will Executor one who handles the estate 2 12 Probate asset asset in your name alone when you die Non probate asset asset that is not in your name alone Devisee inherits real property land and house Legatee inherits personal property everything that is moveable Leg move Intestate die without a will Testate die with a will Codicil an addendum addition to a will Testator man Testatrix woman person who draws a will Executor executrix the person in the will who handles the estate Adeption do not own it when you die Abatement the process in which cut out back people s inheritance because there is not enough money to pay them in full Residuary Clause Rest Residue Remainder gets what is left over The mortgage is not the debt of the estate When you inherit the house you inherit the mortgage Life Estate Have the right to live in the house until you die Established by will or during your lifetime Unless the will says otherwise the owner of the house pays the mortgage the life tenant pays everything else Can be conditional o To Morgan as long as he owns a putty cat EPTL 2 1 6 the 120 hour rule If you do not survive 120 hours 5 days after the testator it is like you died before them predeceased and the stuff goes to the testator s estate Tenants in common vs Join tenant Can be for a bank account or a lease TIN each person owns half JT married couples both own 100 during their life time right of survivorship Big Daddy Rule Little Baby Rule Fook you Cross Out Rule The will is big daddy and the codicil is little baby If you destroy the will the codicil is automatically revoked If you destroy the codicil the will is not effected it still exists You cannot change a will after it us drawn o Have to make a new one or add a codicil If you change a will after it is drawn it will be ignored if it can still be read The physical destruction of an instrument never brings something back to life If you have 5 wills cannot tear up will 5 to bring back will 4 o Every new will voids the one before it The only way to bring back an original will is to have the new will go through a will contest and have a jury find the additional wills invalid making them not wills You have a will A is the executor There is a codicil that replaces A with B Codicil is destroyed B is still the executor Either a new codicil or will has to be created to make A the executor again If the biological parent remarries and the step parent adopts the child the child can still inherit from the other biological parent 3 armed baby rule 2 26 14 Domicile where you live Box opening order you can get an order from the court to look in the box T F a box opening order allows you to empty out its contents Venue and jurisdiction Morgan has statewide jurisdiction but is the court of proper venue is where you are domiciled Beneficiaries who are also witnesses to a will are void from the will Murders murders forfeit probate assets and joint assets other than their contributions Husband 3kids Wife 2 kids 300 000 o Husband kills wife and self o Husband has five kids 3 before and 2 after o Who inherits Just the two from the married because he cannot inherit the money since he killed her What you need to probate a will 1 Death certificate 2 Petition signed by the executor 3 List of distributees 4 Waivers and consents to probate o distributees o if they won t sign a waiver they get a citation Citation The 10 20 30 rule a summons that requires someone to come to court on a certain date to bitch If you do not show up you lose If the distributee is in state they must be personally served a citation at least ten days before the court date If you are out of state they can be mailed dropped in the mailbox the citation at least twenty day before the court date If you are out of the country you can mail the citation and it has to be dropped in the mailbox at least thirty dates before the court date Notice of probate Goes to beneficiaries under the will who are not distributees probate decree after everyone consents to the waiver The latest on can be signed is on the court date if the person with the citation does not sigh up It appoints the executor and says the will is valid Letter testamentary can sign this It says you have the authority to act pay off debts distributees and collect the assets Certificate of appointment is what you bring to the banks to close the account It says you are the executor The judge signs a decree signs to appoint you After born statues eptl article 3 3 4 If you were born after the will was drawn you have rights can be someone who is adopted T draws will provides for children then has an afterborn the afterborn becomes greedy and shares with others T draws will has no kids then has afterborn afterborn takes intestate share means has no will T draws will does not provide for children then has afterborn afterborn takes nothing Antilapse statue If you leave a baquest to a brother or sister or an issue child or grandchild it does not lapse it goes to their child A leaves something to Ron and Stephanie gets the residual Ron is A s brother who has a kid He dies three dates after A The item goes to the kid A leaves something to Stephanie and Ron gets the residual Stephanie is A …